Among other things, the bill establishes a process, under the oversight of the Commissioner of Banking and Insurance, for a domestic insurer with policyholder surplus in excess of $15 million to be designated as a domestic surplus lines insurer.

The bill was amended so that a municipality must pay over to the library or the joint municipal library funds due on a quarterly basis.

The amendments also provide that there will be no net impact on a municipality’s non-library purposes adjusted tax levy for the purposes of the cap law. This legislation requires the Director of the Division of Local Government Services in the Department of Community Affairs to proportionately decrease the adjusted tax levy of affected municipalities to ensure that any statutorily required municipal support of free public libraries are exempt from the calculation of a municipality’s adjusted tax levy for the purposes of the 2% levy cap.